BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2023 MetroDesk Media, LLC) — Newly signed contracts for Palm Beach County residential real estate tanked, according to the just-out Elliman Report prepared by Miller Samuel Real Estate Appraisers and Consultants. The good news: new inventory is also down, which means the market pace is “brisk,” according to the report.
For houses valued under $300,000, the number of newly signed contracts is down 29.6 percent from August 2022 to August 2023. For homes valued between $300k, and $399k, the drop is 47.2 percent. For homes valued between $400k and $499k, the drop is 1.9 percent.
As home values increase, the signed contracts do as well. For homes valued between $500k and $999k, there was a 3.3-percent increase in number of contracts signed when comparing August 2022 and August 2023; 3.4 percent for homes valued between $1M and $2.99M; no change for homes valued between $3M and $4.99M, and a 16.7-percent jump in new contracts signed for homes valued between $5M and $9.99M.
Looking at new listings, the numbers are largely down across the board.
For homes valued under $300,000, the number of new listings dropped 22.7-percent when comparing August, 2022 with August, 2023. The drop is 60.2-percent for homes valued between $300k and $399k; the drop is 46.3 percent for homes valued between $400k and $499k; new listings dropped 24.9 percent for homes valued between $500k and $999k; and the drop is 10.6 percent for homes valued $1M and $2.99M.
The bright spot: homes valued between $3M and $9.99M saw new listings increase by roughly 33 percent.
